A personalized strategy session with a trusted mortgage professional should address all of your initial loan approval questions, as well as uncover any potential challenges that can complicate the entire transaction.

The home buying process has many steps, participating parties and potential challenges that can be overcome with the right team on your side.

Your agent, attorney, title company, insurance agent and lender all have important roles to play.

Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention.

Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well.

Step 3 – Purchase Offer Submitted

Assuming that you’ve already been given a mortgage approval and have a firm understanding of the type of property you are qualified to purchase, your agent will submit your purchase offer to a listing agent or seller.

Once you receive an accepted offer, the due-diligence period starts a series of timelines for final mortgage approval, appraisal, inspections and other requirements which would be spelled out in the terms of the contract.

Step 4 – Conditions and Paperwork

It comes in from all angles at this point, lenders, processors, insurance agents, sellers, real estate agents…. and the list can go on.

Step 5 – Closing

A successful closing requires all of the team players to come together at the same time, with the same agenda, on the same date…. with numbers and figures that match.

While many experienced real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied.

New regulation, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property type, HOA insurance requirements, title and property flip rules are just a few of the daily changes that can have a serious impact on a borrower’s home loan financing.

Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing.

If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan.

Property Condition, Timing Challenges, New Construction Appraisal Process… are a few issues that your agent will need to have experience paying attention to in order to ensure a smooth mortgage funding and closing process.

Lynette Warren - NMLS # 352658

I have developed an extraordinary working relationships with the buyers and their realtors, whether they are first time buyers, wanting to down size or purchasers looking for the million dollar home. My main goal is to be part of your team to make the process as seamless as I can.